Headlands Technologies LLC Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Headlands Technologies LLC reduced its stake in Freeport-McMoRan Inc. by 60.4%, now owning approximately $1.09 million worth of shares after selling nearly 44,000 shares.
• Several hedge funds have increased their stakes in Freeport-McMoRan, with Price T Rowe Associates growing its holdings by 21.9% and Goldman Sachs by 21.7%.
• Freeport-McMoRan's latest earnings report revealed an earnings per share (EPS) of $0.54, exceeding analyst estimates of $0.45, and a 14.5% increase in quarterly revenue compared to the previous year.

Headlands Technologies LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 60.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,783 shares of the natural resource company's stock after selling 43,901 shares during the quarter. Headlands Technologies LLC's holdings in Freeport-McMoRan were worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its holdings in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock valued at $20,565,000 after buying an additional 115,552 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Freeport-McMoRan by 9.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,427,097 shares of the natural resource company's stock valued at $54,344,000 after buying an additional 126,129 shares during the last quarter. Invesco Ltd. grew its holdings in Freeport-McMoRan by 9.3% in the 4th quarter. Invesco Ltd. now owns 10,175,580 shares of the natural resource company's stock valued at $387,486,000 after buying an additional 869,691 shares during the last quarter. Finally, FIL Ltd increased its position in Freeport-McMoRan by 153.8% during the fourth quarter. FIL Ltd now owns 2,477,217 shares of the natural resource company's stock worth $94,332,000 after acquiring an additional 1,501,277 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 2.5%

Shares of FCX stock traded up $1.03 on Friday, reaching $41.83. The company had a trading volume of 11,827,888 shares, compared to its average volume of 17,843,308. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market cap of $60.11 billion, a PE ratio of 31.69, a PEG ratio of 0.77 and a beta of 1.63. The company has a 50-day moving average of $42.88 and a 200-day moving average of $39.06. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter last year, the firm posted $0.46 EPS. The company's quarterly revenue was up 14.5% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's payout ratio is 22.73%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a research report on Wednesday, April 16th. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Finally, Citigroup boosted their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Activity

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.